AeroVironment Misled on Revenue, Supply Chain Issues, Suit Says

AeroVironment Inc. and its top executives allegedly misrepresented the company’s revenue forecasts while concealing supply chain issues, staffing shortages, and other problems for half a year, a suit says.

The company and executives artificially inflated the value of AeroVironment stock during the period between June and December 2021, using public disclosures and statements to disseminate inaccurate projections, according to the proposed class action filed Wednesday in US District Court for the Eastern District of Virginia.

AeroVironment issued a press release in December 2021 announcing that they would reduce projections by more than $100 million due to supply chain constraints, extended ...